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Credit crunch: bank managers and executives rewarded with huge payouts

 

 - Credit crunch: bank managers and executives rewarded with huge payouts

The credit crisis has brought financial ruin to many thousands of American families and lost the country's banks 48 billion dollars, yet not everyone has lost out.  

Many top executives still managed to walk away with sizable pay-outs after their banks failed, even if taxpayers' money was used to stop them from going under. Take Washington Mutual chief executive Alan Fishman. He was brought in to try and save the ailing bank, but when his efforts failed and it collapsed anyway, he walked away with almost 14 million dollars. Not bad, for just 18 days' work. 

Following state bailouts, there is increasing pressure to crack down on 'fat cat' bonuses for bankers. As part of the UK bailout, banks which are to be partly nationalized will have to put a stop to obscene boardroom bonuses, the government has indicated. However, many top executives negotiate colossal pay-off sums when they are taken on, meaning that even if the banks fail, they could claim they are entitled to the money.




  
  

Women in Focus Editor
11/03/2008
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